OTTAWA, Jan. 29, 2013 /CNW/ - Export Development Canada (EDC) today
announced that it has provided Endurance Wind Power (Endurance), a
Vancouver-based manufacturer of wind turbines designed for power grid
application, with CAD 7 million in financing for the completion of new
projects in the United Kingdom.
Endurance will use the financing to fund the next phase of its European
wind turbine fleet, including the cost of installation and the cost of
"Innovative SME's like Endurance are the backbone of Canada's export
sector, and Endurance's creation of a new U.K.-based affiliate is
exactly the kind of investment that EDC loves to see," said Benoit
Daignault, Senior Vice-President and Global Head of Financing and
"Endurance really fit the profile of an aggressive clean tech company
with an excellent track record with hundreds of units in commercial
operation, but still evolving their business model. That's the gap
EDC's financing can help fill in the cleantech space. These projects
help prove that their model works on a large, commercial scale, acting
as showcase projects, and EDC's backing can help to attract larger
scale financing for subsequent phases and projects."
"This new venture is part of our future roadmap to continue servicing a
growing demand for clean, renewable energy in the Global market place.
Our plans to open a new manufacturing and assembly centre will
accelerate that growth by more than doubling our existing manufacturing
capacity, said Glenn Johnson, Chief Executive Officer, Endurance.
Outward foreign investment is critical for the continued success of
Canadian companies, as the rate of growth of foreign affiliates of
Canadian companies is almost twice that of exports from Canada. Growing
global demand has led to faster commercialization of new environmental
Canada's cleantech industry has grown strongly in recent years, showing
a 26 per cent increase in revenues between 2009 and 2011 to reach CAD
10.6 billion. EDC has made the cleantech industry a corporate
priority, with a dedicated team to focus on understanding the
In 2011, EDC's customers undertook 823 transactions related to their
foreign investments, 44 per cent more than in 2010, for a value of CAD
Endurance Wind Power is a manufacturer of advanced small wind turbines designed specifically for distributed wind power applications. The
company's line of modern, induction-based wind turbines brings
efficient, reliable, safe and quiet, renewable energy within reach of
homeowners, farmers, businesses and institutions across North America,
the United Kingdom and an expanding global market.
EDC is Canada's export credit agency, offering innovative commercial
solutions to help Canadian exporters and investors expand their
international business. EDC's knowledge and partnerships are used by
more than 7,700 Canadian companies and their global customers in up to
200 markets worldwide each year. EDC is financially self-sustaining and
a recognized leader in financial reporting and economic analysis.
SOURCE: Export Development Canada
For further information:
Export Development Canada
Tel: (613) 598-2904